Product Development Flow

What does the product development flow look like? Why is it important that you follow this flow? If you want to know more, keep on reading below.

Product Development Flow

A product development flow starts with a customer need or a business opportunity. An idea is formulated based on this need or opportunity. A preliminary product is then created to test the idea in the marketplace. The customer responses are studied and the product is improved upon.

Then, at the end of this process, we have a product ready to be launched. This includes how it is packaged, its distribution channels, and how it will be sold.

Product development flow involves the following three steps:

(1) Formulate a product idea based on a customer need or business opportunity

(2) Create a product prototype to test this idea

(3) Launch the final product into the market to meet customer demand and make profits

Why Does Product Development Flow Matter?

The product development flow is important because it allows us to determine whether our concept for a new product will be successful in the marketplace. It helps us to validate our ideas, which are based on customer needs and business opportunities. 

Then, the process also helps us to understand what features can be added or taken away from our prototype to improve our chances of success. 

So, the steps are as follows: 

Customer Need or Business Opportunity

A customer’s need could be anything that you think people might want to improve their life in some way. For example, if you want to change careers and do something that you love doing, that would be a customer need. If you want your customers to pay less for your products, that would be a business opportunity. 

Formulate an Idea Based on the Need or Opportunity 

An idea can come from any source such as customers, suppliers, distributors, competitors, friends and family, and more. The idea should focus on how your product can help customers solve their problems more effectively. Or how it can help them make more money for them to buy your products (or use your services).

Then, you should always keep in mind that no matter what you are selling. Be it tangible or intangible-you are selling solutions. Everything you offer has got a solution attached to it. So when creating an idea for your new product, make sure you find out what people want from your product.

Create a Product Prototype to Test the Idea 

A product prototype is what you would call a sample of your product. It is used to test the idea that you formulated during the first step of your product development flow. You can choose to create a prototype for your product in any way that you like. Then, you can show it to potential customers and ask them questions about their thoughts on the product.

Launch the Final Product into the Marketplace 

After testing your idea on a product prototype, you may decide to take it to market for sale. However, there are some other things that you need to take into consideration before finalizing your decision. You should also make sure that your business processes are in place before launching it into the marketplace.